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Oregon Taxpayers to Get "Kicker"

SALEM, OR -- Oregon’s latest revenue forecast was released Wednesday, and House Republican Leader Mike McLane (R-Powell Butte) says it shows the state’s economy is headed in a positive direction. "The good news is that we’re going to have a kicker. As a result of tax increases this biennium, we exceeded expectations. We’re going to send back to the taxpayers $402 million of their money. There will also be a corporate tax kicker of around $59 million." McLane says that corporate kicker goes directly to state education funding. 

 

Despite the surplus, McLane says revenue for the 2013-15 biennium weren’t as good as previously projected. "Based upon our forecast, which, our previous one was in May, showed generous growth in our economy. He did downgrade that forecast by $48 million, but it still shows the economy will be growing and we can expect employment growth to continue and stabilize with no real projected downturn ahead that should alarm us."
 
The average taxpayer will receive a $244 dollar credit. "The last kicker was 2007, that was $1.2 billion. So, this is the first kicker in eight years and it’s less, of course, only $402 million. But, this time it won’t be in the form of a check, it’ll be in the form of a credit when you file your taxes in the upcoming year. The reason the legislature voted on that was to save money," McLane tells KBND. He says he’d like to see the state continue to grow revenues by increasing the number of taxpayers, and decreasing unemployment. Governor Kate Brown called the revenue forecast “encouraging.”
 
Oregon's kicker rebate was created in 1979 and goes into effect when revenues come in at more than 2% over what was forecast for the biennium. 
 
 

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